Apple: Third Point Manager Dan Loeb’s Filing Reports No Stake

By Brendan Conway

The company had disclosed holding 710,000 shares as of the end of the third quarter. Loeb’s fourth-quarter shareholder letter a little over a month ago — the one that outlined a new, bullish thesis on Morgan Stanley (MS) — mentioned Apple, but only in passing. It noted that Apple’s stock was among the company’s top five losing positions for the quarter.

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There are 12 comments

FEBRUARY 14, 2013 4:58 P.M.

Ed wrote:

Who cares anymore. Cook is driving them all to sell becuase of his Incompetent and Arrogant Leadership. Can't blame them. Cook is just as, if not more, Arrogant than Jobs. They needed questions answered to stay invested, and he said F you, I'll do it my way. They said no problem Tim, have a nice day and sold everything. Cook will bring Apple to it's knees cause he is the Wrong Guy bto be leading Apple. Period end of story. See you all below 200 soon.

FEBRUARY 14, 2013 5:01 P.M.

Ron wrote:

They bailed because of Tim Cook. He is not CEO material, is weak, and they know it. There are too many other companies that are flying past Apple now: Netflix, google, Amazon, Linked in, and Facebook. Apple is the next RIMM. Cook will have Apple stock below 200 in 9 months.

FEBRUARY 14, 2013 5:15 P.M.

Peter wrote:

Can you blame any hedge fund for bailing after listening to Tim Cook? He had ample opportunities to make a positive statement, answer the funds concerns, and show Leadership. In all cases, he not only Failed in making any kid of statement. He was outright Arrogant/Ignorant and demonstrated the same Apple style that has caused the stock to drop 250 points in 6 months. Tim Cook did NOTHING to encourage the Hedge Funds to own Apple. Quite the opposite. After being talked down to by Cook, the Hedge funds said Enough of this BS and sold. Guess what? They are not buying back either! Why? No confidence what so ever Cook has a Clue what he's doing. In fact, the entire Board should be fired, along with Cook, for their results. It's truly sad. Apple has been ruined in 6 months. From first to worst and most hated. It doesn't matter anymore what Tim Cook says in the near future. He could have very positive news soon, but nobody cares anymore. In fact, nobody is waiting to hear anymore. They don't care. Why? They are not playing the Apple game anymore. They sold and have reinvested in companies that are growing and have a pulse. Tim Cook has no pulse, no plan, and no shareholders anymore. Sad but true.

FEBRUARY 14, 2013 5:21 P.M.

TimCookDidNothingWrong wrote:

Tim Cook has done nothing wrong. Blame your greed for making you think that a consumer products company with Apple's margins was sustainable.

FEBRUARY 14, 2013 5:23 P.M.

Sue wrote:

Wait until Judge Lucy announces that Samsung doesn't have to pay $1.5B anymore. That's coming soon. Another waste of time and money, and lost Customers for Apple. Now we get to hear BS about IWatch. Samsung and Google are laughing. Apple is playing with I Watch and they are stealing all the Iphone customers. I agree with Peter. If Apple and Tim Cook think they are going to make some big splash announcement when thry get around to it and make the stock soar, think again. It won't. The damage is done and what little investors and shareholders were holding on for, was flushed down the toilet by Cook. Say good night to Apple.

FEBRUARY 14, 2013 5:27 P.M.

Will wrote:

Apple has no Leadership, no plan, no energy, and no more shareholders. Thanks to Tim Cook, the Apple Board, and the Executive GTeam. What a bunch of Zero's.

FEBRUARY 14, 2013 5:31 P.M.

Theo wrote:

What is needed ASAP is for Carl Ichan and David Einhorn to file for a seat on the Apple Board. That is the only way these jokers at Apple will be stopped.

FEBRUARY 14, 2013 5:46 P.M.

@TimCookDidNothingWrong wrote:

Wake up and smell the coffee. Enough of the Tim Cook did nothing wrong, Apple just had a monster quarter, Apple is the greatest, Apple this Apple that. STOP IT PEOPLE: Apple is losing on Every Front Now. Apple is being led by a Weak CEO. Apple is playing the same arrogant/ignorant we will tell you when we are good and ready game. Problem is, Shareholders are selling and hedge funds have sold. Why? Cook and the Board. They are not listening and haven't listen. They think they are Invincible. They are failing. Share price reflects that. And please, don't say you were one of the shareholders who bought at 100 bla bla bla. Even you have felt the drop from 700 to 450 regardless of buy price. Wake up Appleolians! Your company is being led the Slaughter House by Cook. By the way, he could give a rats as-. He keeps on getting millions worth of stock options so do you think he cares about the Common Joe? Please Get out if you haven't and go reinvest in other companies. The Hedgies did.

FEBRUARY 14, 2013 5:49 P.M.

All the authors above are the same guy wrote:

Tim Cook is a great CEO. That is if you are shorting Apple. he is the worst CEO for longs.

Apple to 100

FEBRUARY 14, 2013 5:51 P.M.

Larry wrote:

Have to agree. Apple and Cook could announce a $50B Buyback and a 10 for 1 split tomorrow and the stock would drop and the Hedge Funds will Yawn. It's too late. The IGrave is next.

FEBRUARY 14, 2013 11:54 P.M.

Arim2 wrote:

Hey guys, hold your horses please. Remember that in the fourth quarter of 2012 we were all dealing with the impending significant 2013 capital gains tax increase and fiscal cliff led market collapse issues, and many hedge funds, institutions and mutual funds with large positions and gynormous gains in Apple were in a sell mode, and quite rightly so. So let us all take deep breath here and wait until the next quarterly filings to see just how many if these hedge fund guys are back in Apple this quarter before we all run amok with this insane Tim Cook and Apple bashing.

FEBRUARY 15, 2013 1:46 A.M.

Anonymous wrote:

There are buyers too!!

Although a number of hedge funds exited their Apple positions last quarter, the good news is that many large hedge funds also increased their positions significantly in Apple during the quarter.

According to the latest 13F filings for Q4-2012 as reported by The Street and Bloomberg:

David Einhorn added to his Apple position significantly, raising it from 1.09 million shares in the third quarter to 1.3 million shares in the fourth quarter;

David Tepper's Appaloosa Management increased its Apple position significantly by 391,473 shares to 912,661 shares in the fourth quarter, up 75%;

Soros Fund Management increased its position in Apple substantially, from 84,858 shares in the third quarter to 183,976 shares in the fourth quarter; and

SAB Capital Management also added significantly its position in Apple during the fourth quarter.

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Chris Dieterich has covered the U.S. stock market for The Wall Street Journal and Dow Jones Newswires. He is a graduate of Regis University and the Missouri School of Journalism.